Gold Above 81,000: Big rise in Bangalore gold rates on Jan 17 for 24k, 22k, 18k Gold; Silver Up Rs.1000

Gold prices in Bangalore have been extending their rally for the fourth straight session this Friday, reflecting a surge in demand for the precious metal amid positive market sentiment. The recent U.S. economic data release has fueled hopes of a potential Federal Reserve rate cut later this year, adding to the bullish momentum for gold prices.

On 17th January 2025, 22-carat gold prices in Bangalore jumped Rs. 600 per 10 grams to cost Rs. 74,500, while the 24-carat gold rates spiked by Rs. 650 per 10 grams, currently at Rs. 81,220, and the 18-carat gold is now retailing at a higher rate of Rs. 60,960 after rising by Rs. 490.

100 grams of 24-carat yellow metal jumped Rs. 6500 to cost Rs. 8,12,200. Similarly, 22-carat gold rates in Bangalore per 100 grams today are jumping up higher by Rs.6500.

Gold Maintains Winning Streak for the Fourth Time This Week

Gold prices in Bangalore have shown remarkable strength this week, with rates soaring to approach record-high levels. The surge in demand for the precious metal has contributed to its rising value, making it increasingly expensive. As a result, many buyers may hesitate to purchase at these elevated prices and might wait for a potential dip before entering the market.

On the international front, gold continued its upward trajectory, with prices climbing over 1% on Thursday. This marked the highest level since December 12, driven by U.S. economic data that placed additional pressure on Treasury yields. According to a Reuters report, bullion has gained about 1% so far this week, supported by rising expectations of a Federal Reserve interest rate cut later this year following the release of U.S. inflation data earlier in the week. This consistent upward momentum underscores gold's strong performance in recent times.

Gold Prices in Major Indian Cities

Most of the Indian cities observed this rally in gold prices today. Here are gold prices in some of the major cities:

Silver Prices in Bangalore

Silver Prices In Bangalore today, there were gains for the third consecutive day. of Rs. 1000 per kilogram, which now costs Rs. 96,500, and 100 grams of white metal now cost Rs. 9,650 after surging Rs. 100.

Gold And Silver Future Price On MCX

Gold futures, which are set to mature on February 5, 2025, on the Multi Commodity Exchange (MCX), dropped by 0.27%, or 216 points, to reach their current trading value of Rs. 79,010. Silver futures, which are scheduled to expire on March 5, 2025, also saw an increase during the session in a similar pattern. The metal lost 393 points, or 0.42%, and is now trading at Rs. 92,410 today.

Spot Gold and Silver Price Updates Today

As per the latest report from Reuters, gold remained steady near a five-week high on Friday, poised to achieve its third consecutive week of gains. This comes after U.S. inflation data earlier this week heightened speculation about potential rate cuts by the Federal Reserve later this year. Spot gold remained unchanged at $2,715.09 per ounce as of 03:32 GMT, reflecting a weekly rise of approximately 1%. Meanwhile, U.S. gold futures saw a slight dip of 0.1% to $2,746.90. Spot silver edged up 0.1% to $30.82 per ounce, marking a gain of over 1% this week and setting the stage for its third straight week of positive momentum.